While back-to-school spending projections range between $27 billion to $29.5 billion, Synchrony Financial anticipates seasonal sales will increase anywhere between 3.7% and 4.1%. The financial services company expects parents of K-12 students in particular to drive this spending increase:
63% of K-12 parents say they are feeling confident about their overall financial condition;
75% of these parents say they feel confident about their job; and
63% of K-12 parents say their household financial situation has improved this year, a jump of 10 points over last year.
More than half (53%) of these parents expect to spend more this year than last year. In 2016, only 40% anticipated they would spend more. This increase is primarily because:
45% expect to spend more on computers;